Smartvideo. metrics that matter: smartvideo benchmarks for insurance leaders. share this report Copyright SundaySky 2014

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1 2014 Smartvideo Q4Index metrics that matter: smartvideo benchmarks for insurance leaders share this report Copyright SundaySky 2014

2 he smartvideo index n brief Q Insurance is the fastest-growing industry adopting SmartVideo as a strategic initiative to acquire, support and retain customers. Though insurance is typically a lowengagement product, marketing executives adding SmartVideo to the customer lifecycle and customer experience mix are seeing higher engagement from these programs, and, as a result, more satisfied customers. SundaySky generates five SmartVideos every second in support of some of the world s largest brands customer engagement strategies, and therefore, has access to a unique and rich set of SmartVideo interaction and performance data across a variety of use cases and industries. This SmartVideo Index: In Brief focuses on the SmartVideo engagement METRICS THAT MATTER for customer experience and marketing leaders in the insurance industry. Benchmarking the right metrics allows insurers to measure the video performance and viewer engagement of their SmartVideo programs. 2 INTRODUCTION Glossary Insurance Leaders Performance Benchmarks Onboarding Claims Conclusion

3 glossary of smartvideo terms Completion rate is the percentage of viewers that watched the video through completion. Average percent of video viewed is the percentage of the video watched by all viewers on average. CTA click rate occurs when a viewer clicks a call-to-action button directly within the video. This click rate equals the total number of CTA clicks divided by the total number of video views. Customer satisfaction rates are determined by surveys shown to viewers at the end of a video, once the video is completed. Percentage responses are calculated from the total number of responses for that specific question, as viewers are not required to answer every single question. Survey questions vary by program, but are categorized based on key terms, such as was this video helpful or was your 3 information presented accurately.

4 SmartVideo for Insurance Leaders According to Forrester s 2014 insurance trends report, consumer empowerment and expectations are changing the rules for insurers. In addition to their own changing demographics, consumers have high expectations for brand relationships set by their experiences with online retailers, travel sites and financial apps. As a result, consumers require more personalized, digital experiences and interactions throughout the relationship with their insurer. Leading insurers are recognizing the need to support acquisition and retention initiatives by engaging their policyholders with personalized video stories at key touch points across the consumer journey. SmartVideo stories enhance traditional insurer communication tactics, creating a cohesive, effective communication strategy across the customer lifecycle while driving deeper loyalty and higher profitability for insurers. 4

5 SMARTVIDEO PERFORMANCE BENCHMARKS FOR INSURANCE PROGRAMS With use of SmartVideo at key touch points throughout the customer lifecycle, new value opportunities exist to enhance insurers customer engagement and retention initiatives with personalized video experiences that engage policyholders in real time. The below SmartVideo performance benchmarks compare insurance programs across the industry, highlight the industry leader and compare the insurance vertical to the telecommunications vertical that has been the SmartVideo pioneer, until now. Completion rate average percent of video viewed Call-to-action take rate customer satisfaction rate Industry Average: 66.8% Industry Average: 80.3% Industry Average: 19.6% Industry Average: 93.7% Industry leader: 74.5% Industry leader: 84.6% Industry leader: 26.7% Industry leader: 99.1% Telco average: 58.2% Telco average: 78.3% Telco average: 17.6% Telco average: 85.4% 5

6 Onboarding new policyholders Once a customer signs up for a new policy, it is especially critical he feels reassured that he made a good choice, as this is when insurers have the best opportunity to gain customer trust and create brand stickiness. This starts with how insurers welcome new policyholders, and continues with proactive engagement at key touch points throughout the critical first year. With SmartVideo, insurers leverage customer data to generate personalized video presentations to proactively educate the customer about his specific policy, set expectations for complete policy document delivery, briefly explain the first statement, highlight value-added services for the customer to maximize the new policy and recommend actions that deliver a great experience. SmartVideos are tailored to the relevant touch point during the first year, as well as the individual policyholder s status. For example, if the policyholder has already set up an online account and subscribed to autopay, these scenes would be excluded. Figure 1 shows example scenes presented to a new policyholder to explain the policy, as well as promote adoption of value-added services. The insurance agent s name and contact information are included. Policyholder expectations are set for arrival of a welcome package with complete coverage details. The specific policy is confirmed and reviewed. Value-added services may include online payment and autopay, if applicable. Figure 1 6

7 SMARTVIDEO PERFORMANCE BENCHMARKS FOR INSURANCE Policyholder welcome and onboarding programs Completion rate: of viewers watch the 72.4% videos to completion average percent of videos viewed: 83.7% Cta take rate: of in-video calls to action 23.6% are clicked of all video views customer experience impact: 96.1% of viewers found the videos helpful of viewers had a more favorable impact 76.4% to the insurance brand due to the video of viewers were provided with information 67.5% in the video they didn t know before what smartvideo viewers are saying... This video was great! It made me feel like I am dealing with an insurance company that considers me, the customer, a person and a human being. I feel like we re friends almost... :-) Just thought that the personalized video was a real touch of class, something I have not seen from other insurers. Anyway, thank you very much, and I appreciate the policy. This was great! I have worked for a insurance company before and this video is the best. It makes me feel even better about you as company. Thank you! 7

8 guiding the claims process Claims are of great consequence to both policyholders and insurers. For policyholders, the claims process can be emotional, and if the experience is inefficient, it can make for an unhappy and mistrusting customer. For insurers, claims represent a top retention challenge and a company s largest operational expense. How insurers handle customer communications and information sharing throughout the process can make all the difference to customer satisfaction and retention. SmartVideo leverages policyholder profile data, as well as claim-specific data to deliver engaging and effective video experiences at key touch points throughout the claims process. Depending on where the claimant is in the process, the video might proactively explain the claims process, set expectations based on claim type and coverage level, specify steps that can be taken to expedite the process, identify an adjustor and local repair shops, or explain how to check future claim status online. Figure 2 shows example scenes presented to a new policyholder to explain the policy, as well as promote adoption of value-added services. The vehicle type and date of initial claim submission are confirmed. Adjustor information, including name and phone number, are provided to the claimant. The video reviews current policy information along with accident details. The claimant is provided CTAs for next steps and self-serve tools. Figure 2 8

9 SMARTVIDEO PERFORMANCE BENCHMARKS FOR INSURANCE claims programs Completion rate: of viewers watch the 58.5% videos to completion average percent of videos viewed: 75.3% Cta take rate: of in-video calls to action are clicked of 13.7% all video views Video was very informative! I feel that [insurance company] is adequately handling my claim and treating me with respect. Thanks for staying in touch! The video helps me feel better during a stressful time. Any time anyone is going through something difficult, simple and clear explanation of the facts, delivered in an easy manner, feels reassuring. Thank you. The personalized message is a very nice touch in dealing with a stressful situation. Definitely puts clients at ease in knowing that their insurance company seems to genuinely care about them! what smartvideo viewers are saying... customer experience impact: 89.4% of viewers found the videos helpful in understanding the claims status, process and next steps This is so helpful. I m impressed with how it s personalized and, so far, I ve been impressed with the ease of submitting a claim. I was dreading addressing this issue, but you are making it much less painful than I expected it to be. Thought this was an amazing customer service method. Shows that [insurance company] is going above and beyond pretty much all other service companies to help its customers during a difficult time. Thanks and keep up the great work!! 9

10 he smartvideo index n brief Q conclusion Insurance is, by its nature, a low engagement product. Not only is purchasing auto insurance a complex transaction but it s also an infrequent transaction that most people only have to think about a couple times a year at most. And there are a lot of customers that complete the purchase and still don t have a clear understanding of their policy details. As an insurance company, there are limited opportunities throughout the customer lifecycle to really communicate and engage with policyholders, so it s critical that every touch point is a positive one. SmartVideo enables insurers to provide that great experience not only at the time of purchase but throughout the consumer journey. about sundaysky SundaySky, the creator of SmartVideo, helps customer-centric brands engage people with personalized, real-time video experiences at every step of the customer lifecycle. The SundaySky platform generates hundreds of thousands of SmartVideos daily, powering customer acquisition, support, growth and loyalty initiatives for leaders in e-commerce, telecommunications, insurance, banking and travel. AT&T, Allstate and other SundaySky customers have proven that SmartVideo viewers are more engaged, profitable and loyal, as program performance is measurable and optimized for incremental impact on key business metrics. SundaySky is headquartered in New York City with offices in Tel Aviv and London. How are you engaging your policyholders? Learn more at: 10

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